June 21, 2021

SME Business News

Small Business News UK

Rosecut’s Qiaojia Li Shares Financial Wellbeing Tips for SME Owners

New financial business Rosecut, offers private banking and bespoke financial advice in real-time, to the masses, offering people control over their financial future, to live the life they want.  With a view that money management is an unfair game, where the uber-rich get richer, while everyone else doesn’t know where to start or how to get help, Rosecut help the masses.

The private banking industry is deliberately secretive and opaque, with wealth inequality as bad as it was in 1929. The vision of Rosecut is to break open the secret and opaque private banking industry by giving access to financial knowledge to everyone.

Qiaojia Li, co-founder and CEO was brought up in China, and her mother was an entrepreneur herself; who became a millionaire in the 90s thanks to the opening up and reform in China, however, she soon lost almost her entire fortune due to the volatility of the Chinese stock market. Qiaojia soon realised that extreme wealth isn’t a guarantee of stability, and that the real battle isn’t making your fortune but safeguarding it over the course of your life.

Qiaojia spent years as a wealth manager at Credit Suisse then Coutts helping the uber-wealthy and realised with her tools and knowledge she really could help transform the lives of the masses, and not only the ultra wealthy.

Qiaojia Li shares these important financial wellbeing tips for SME owners and enterprises:

  • The most important thing to do if you’re worried about your financial situation is to stop and work out exactly where you are and where you need to be in terms of your spending.
  • A personal balance sheet can help you do that, by working out your income, your spending (both annual and one-off), and your regular saving.
  • Make sure the goals you set yourself are achievable, this means that you won’t spend time worrying about something you can’t change.
  • If, for example, your goal was buying your first home, you need to work as hard as you can to bring down your spending and maximise your savings contributions, whilst at the same time putting aside roughly three months’ spending money as an emergency cash fund.
  • To balance your short-term goal of buying a house with longer-term goals such as saving for your pension, another useful tool is a cash flow projection.
  • This will illustrate what sort of return on your retirement you can get from any sum you can spare now to invest into your pension. That will help you decide what you want to spend on your home now, in the context of what you would like to retire with later on.
  • If you haven’t already done so, I’d recommend downloading Rosecut and taking a look at the new wealth management tools. It’s totally free and includes a personal wealth balance sheet, a cash flow projection tool and a strategy board, which gives context around the financial decisions you make throughout your life.